Datasea Announces Closing Of $8.48 Million Registered Direct Offering
July 22 2021 - 4:05PM
Datasea Inc. (NASDAQ: DTSS) ("Datasea"), a technology company
engaged in providing smart security solutions, smart hardware and
education-related technologies in China, announced today that it
has closed a registered direct offering with certain institutional
investors of 2,436,904 shares of its common stock at a purchase
price of $3.48 per share for the gross proceeds of approximately
$8.48 million, before payment of commissions and expenses. In a
concurrent private placement, for each share of common stock
purchased by an investor, such investor will receive from the
Company an unregistered warrant to purchase 0.45 of a share of
common stock. The warrants have an exercise price of $4.48 per
share, are exercisable on the date of issuance, and expire two and
one-half years from the date of issuance.
The Company plans to use the net proceeds of
approximately $7.6 million from this offering for general corporate
and working capital purposes and repayment of debt.
FT Global Capital, Inc. acted as the exclusive
placement agent for the offerings.
Schiff Hardin LLP acted as counsel to the
Company and Sheppard, Mullin, Richter & Hampton LLP acted as
counsel to the Placement Agent in connection with the
placement.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities nor
will there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Datasea Inc.
Datasea is a technology company in China engaged
in providing smart security solutions, smart hardware and
developing education-related technologies. Datasea leverages its
proprietary technologies, intellectual property, innovative
products and market intelligence to provide comprehensive and
optimized security solutions and education related technologies to
its clients. Datasea has been certified as one of the High Tech
Enterprises (jointly issued by the Beijing Science and Technology
Commission, Beijing Finance Bureau, Beijing State Taxation Bureau
and Beijing Local Taxation Bureau) and one of the Zhongguancun High
Tech Enterprises (issued by the Zhongguancun Science Park
Administrative Committee) in recognition of the company’s
achievement in high technology products. For additional company
information, please visit: www.dataseainc.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934 and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will", "expects",
"anticipates", "future", "intends", "plans", "believes",
"estimates", "target", "going forward", "outlook," "objective" and
similar terms. All forward-looking statements are inherently
uncertain as they are based on current expectations and assumptions
concerning future events or future performance of the Company.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which are only predictions and speak
only as of the date hereof. In evaluating such statements,
prospective investors should review carefully various risks and
uncertainties identified in this release and matters set in the
Company’s SEC filings. These risks and uncertainties could cause
the Company’s actual results to differ materially from those
indicated in the forward-looking statements.
Investor and Media Contact:
International Elite Capital Inc.
Vicky Chueng
Telephone:+1(646)866-7989
Email: datasea@iecapitalusa.com
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